IMX Sends Bullish Signals As Bulls Eye 40% Gains

The ImmutableX price has been on a strong uptrend for the past few days, rallying more than 128% in January. The Crypto Fear and Greed Index has entered the “Greed” zone at 60 after being stuck in the neutral zone for the last half of last month, according to data from Alternative. 

The crypto market sentiment hovered in the “Extreme Fear” area between November 6 and January 11 following the collapse of Sam Bankman-Fried’s FTX crypto exchange. However, a market-wide recovery that began during the New Year has seen the social sentiments change gradually to “Neutral” and then to the current level: “Greed.”

Crypto Fear and Greed Index

Given the positive sentiment, IMX price has displayed strength, climbing over 40% over the past four days. In addition, positive fundamentals about improvements on the project are expected to bolster investor interest in the project hence increasing the value of its token.

The Layer 2 scaling solution for NFTs on Ethereum has initiated a few projects in the recent past aimed at improving the network. One such project is the all-in-one Immutable Passport which is set to be launched in April this year.

🎮 Immutable launches Web3 Passport, a multi-platform solution for gamers
• Immutable Passport is a multi-platform wallet and authentication solution that makes it easy for new users to access web3 marketplaces and games. pic.twitter.com/59fXqNyvVy

— Vitalii SV (@Vitalii11833375) February 1, 2023

According to a webpage  dedicated to the new tool on the project’s official website: 

Immutable Passport is a non-custodial wallet and authentication solution that streamlines user onboarding through passwordless sign-on and automated wallet creation. Protect and grow your community through battle-tested security, frictionless gameplay, and access to a passionate audience of gamers.

This multi-platform wallet and authentication solution simplifies access to Web3 marketplaces and games for new users. This means that Immutable does not hold on to a user’s private keys nor is it involved in signing transactions.

The Immutable development team says that the new tool will help Web3 gaming studios “drive adoption across mainstream audiences, maintain enterprise-grade security, and access meaningful player analytics.”

Meanwhile, market participants expect such developments coupled with a favorable view of the crypto market, would push the ImmutableX price higher. 

ImmutableX Price Technical Analysis

The IMX token has shown a great bull rally from the $0.3756 support floor and is now trading close to one of its key resistance levels. IMX price is sitting comfortably above its 200-day simple moving average (SMA) (the purple line) at $0.6766, the 50 SMA (yellow line) at $0.5349, and the 200 SMA (red line) at $0.5106. 

These were buyer congestion areas that could provide the tailwinds required to scale the ImmutableX price higher. The Relative Strength Index (RSI) and the moving averages were facing upward. An indication that the bulls had their firm grip on IMX. The price strength at 74 suggested that the uptrend was strong.

As such, a daily candlestick above the stubborn resistance at the $0.90 psychological level would bolster the bulls to collect the liquidity above it with their eyes fixed on the $1.2 range high. This would represent a 39.88% move up from the current price. 

IMX/USD Daily Chart

Note that the ImmutableX token has sent two bullish signals on the daily timeframe (see chart above). The first was from the SMAs which occurred on January 29. Though not a “golden cross” when a fast-moving SMA (in this case the 50-day SMA) crosses above the slower one (100-day SMA), it is usually a signal that there are more buyers than sellers in the market. 

The second was a call to buy from the Moving Average Convergence Divergence (MACD) indicator, which validated the IMX’s bullish narrative. This happened on January 31 when the MACD line(blue) crossed above the signal line (orange). These two signals showed that the market conditions favor the upside. 

On the downside, the RSI showed that the ImmutableX token was overbought. This placed a trend reversal on the radar. As such, IMX may turn down from the current levels to revisit the $0.73 support level. From there, the price may move first to the 200-day SMA at $0.6766 and later to the $0.634 defense line. 

Traders could expect IMX bulls to take a breather here. This would give them time to regroup and have more buyers get in on the dip before continuing the recovery. 

Promising Alternatives To IMX

Traders seeking to buy IMX should wait for the price to rise above $0.90 before going long on the asset. Investors could also consider some of the best crypto presales carefully selected by our team of experts to help you diversify your crypto portfolio. 

One such coin is Meta Masters Guild, Play-to-Earn blockchain-based game fitted to disrupt the Web3 mobile gaming space. The team behind this project has proven that it is possible to develop games that are entertaining, intriguing and work with playable NFTs. With Meta Masters Guild, players are rewarded for their investments and speculation. There has already been close to $2.63 million raised during the ongoing MEMAG presale.

Read More: